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FINRA January 2017 Disciplinary Actions

FINRA takes disciplinary actions against firms and individuals for violations of FINRA rules; federal securities laws, rules, and regulations; and the rules of the Municipal Securities Rulemaking Board. Below are a number of penalties announced by the regulator in January 2017. If you have been a victim of any of the below behavior, you may have legal recourse. Please contact attorney Richard Frankowski today at 888-741-7503 for a free consultation. FINRA censured and fined VFG Securities, Inc. of Culver City, California $50,000, $10,000 of which is joint and several with Jason Bryce Vanclef. According to FINRA, the firm and Vanclef distributed and listed for sale online Vanclef's self-published book, which contained, false, exaggerated, unwarranted, or misleading statements, and omitted material facts or qualifications where the omissions caused the communication to be misleading. The findings also state they provided customers with misleading personalized recommendation spreadsheets. Advisors Clearing Network, Inc. of Pasadena, California was also censured and fined $50,000. FINRA found that it [...]

By |January 24th, 2017|Broker Check, FINRA, Fraud, Legal Matters, Press Releases & News, SEC|
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Mickey Long Banned From Selling Alt. Investments

The Texas State Securities Board has banned broker Mickey Long from recommending alternative investments, including nontraded REITs, after he concentrated a client's account with too many such investments. The state also suspended him for forty-five days and put him on heightened supervision by his firm, Calton & Associates Inc., for two years. Regulators have become increasingly concerned about high-commission products such as nontraded REITs over the past couple of years. In this case, “[t]he agent recommended that a client invest in certain alternative investments, namely nontraded REITs and private offerings of interests in oil and gas entities,” according to Mickey Long's central registration depository profile. “The client had elected within the client's account opening documents to have no more than 20% allocated to the 'highest risk/aggressive' risk tolerance level and no more than 60% allocated to the 'highest risk/moderate' risk tolerance level.” According to Texas' order, Long put almost 36% of the customer's invested assets into the former [...]

By |October 10th, 2016|Press Releases & News|
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Broker To Pay $331k For Unsuitable Investments

A FINRA Arbitration panel ordered Frederick Baerenz, president and CEO of AOG Wealth Management, to pay $331,000 in compensatory damages after finding him liable of unsuitable trading. Baerenz allegedly misled his investors, Barbara and Roger Bond, regarding the risks of their direct private placements while investing in them between 2006 and 2008. Of the $1.3 million that was invested, Baerenz placed roughly $941,000 in private placements, according to Todd Zuckerbrod, the couple's attorney. “Even though the clients had signed a form saying that they know they are getting a high-risk investment, the panel thought it did not insulate the broker that they were unsuitable investments and he shouldn't have done that,” Zuckerbrod said. Baerenz disagreed: "While we believe that there should have been no award, we are gratified that the panel rejected two-thirds of their damage claims,” he said. The Claimants asked for about $1 million in damages but were awarded $331,000, and any other relief including punitive damages was [...]

By |July 14th, 2016|Press Releases & News, Broker Check, FINRA|
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AL Man Charged With $1.5M Securities Fraud Involving Church

Terry Earl Hester of Pike County, Alabama was charged with violating the Alabama Securities Act after allegedly making false promises to a Tuscaloosa County church involving $1.5 million in funds. Hester turned himself into authorities on June 15. The charges are the result of a six-count indictment by a Tuscaloosa County grand jury, according to a statement made by the District Attorney's office and Joseph Borg, Director of the Alabama Securities Commission. The indictment charges Hester with one count of Sale of Unregistered Securities and one count of Sale of Securities by an Unregistered Agent. Each charge carries a fine of up to $15,000 upon conviction. Additionally, Hester is charged with four counts of Fraud in Connection with the Sale of Securities for making untrue statements or, or omitting to state, material facts to an investor; for engaging in an act, practice or course of business which operates as a fraud or deceit upon an investor; and for employing [...]

By |July 11th, 2016|Fraud, Press Releases & News|
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